Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 05/24/16 Morning Note B. Riley AM Note: CKEC, FNJN, GES, IDCC, MESG, SANM, TLYS, WDFC; Footwear (COLM, CROX, DECK, VFC, WEYS, WWW)
  • 05/24/16 Update WDFC ($108.06, Neutral; $106.00 PT): Highlights of Management Meeting in San Diego
  • 05/24/16 Update MESG ($24.61, Neutral; $25.00 PT): Management Delivers on Previously Announced $25.00/Sh Sale of the Business; Shares Rally 17% as Doubt Is Dispelled;…
  • 05/23/16 Update SANM ($25.70, Buy; $29.00 PT): Bullish Into Analyst Day on May 26th; Expect Management To Provide Solid Long Term Roadmap and Financial Outlook to…
  • 05/23/16 Update Industry Update - Mitch’s Shoe Review—Spring 2016 (COLM, CROX, DECK, VFC, WEYS, WWW)
  • 05/23/16 Update KIRK ($13.73, Buy; $23.00 PT): Earnings Preview: Headwinds from Oil Patch/Border are Nothing New for KIRK; Erratic Traffic/Weather in Q1, but We Do…
  • 05/23/16 Update GCO ($61.46, Neutral; $68.00 PT): We Suspect that Comp Deteriorated Over the Latter Part of 1Q17; We also Believe that Current Footwear Trend Creates…
  • 05/23/16 Initiation of Coverage KEM ($2.46, Buy; $4.75 PT): Leading Supplier of Capacitors with Improving Cost Structure and Transformational NEC TOKIN Acquisition Optionality; Initiating…
  • 05/23/16 Update Industry Update - Media Sector Acquisition Activity is Heating Up...Who Else Could Be Targeted? (AMC, CKEC, CNK, DLB, DWA, DTSI, HEAR, IMAX, IDCC,…
  • 05/23/16 Update HIBB ($32.50, Neutral; $38.00 PT): Slight 1Q17 Comp Miss, but EPS Still Modestly Better than Expected; Apparel Trend has Improved; Footwear Remains…
  • 05/23/16 Morning Note B. Riley AM Note: AVGO, DECK, FL, GCO, HIBB, IMAX, KEM, P, VSAT; Media (DTSI, IMAX, LGF, NCMI, OUTR, RNWK, ROVI)
  • 05/23/16 Update AVGO ($146.73, Buy; $190.00 PT): Trim Ests For Known Customer Headwinds. Execution Solid, F2Q16 Makeable. PT To $190.
  • 05/23/16 Update DECK ($50.26, Neutral; $48.00 PT): We Expect 4Q16 to be In Line or Better, but We Suspect that DECK will Guide FY17 Below Consensus
  • 05/23/16 Update P ($10.77, Buy; $15.00 PT): Upgrading to Buy from Neutral as Pricing Power, Expanding Margins and Favorable New Product Economics Should Drive Upside;…
  • 05/23/16 Update VSAT ($74.00, Buy; $89.00 PT): Earnings Preview: ViaSat Lines up Partners as Celebrates 30 Years of Disruption and Builds “Over 1 Tbps” Global…
  • 05/20/16 Update FL ($55.08, Neutral; $63.00 PT): 1Q16 Comp Miss, But EPS In Line; 2Q16-to-Date Comp Also Weak; FL Expects Joran to Pick Up Later this Month and Signature…
  • 05/20/16 Morning Note B. Riley AM Note: ACLS, AMAT, DKS, EGHT, FNJN, GSM, IVAC, JAKK, MRVL, REIS, SSI, XCRA; Optical Components (CIEN, FNSR, IPHI, LITE, OCLR)
  • 05/20/16 Update XCRA ($5.84, Buy; $8.50 PT): Expect In-Line Performance With Continued Solid GM Execution; Maintain Buy, $8.50 PT
  • 05/20/16 Initiation of Coverage FNJN ($1.38, Buy; $2.75 PT): Initiating Coverage of Stealth Cybersecurity Play Finjan; Potential Blue Coat Systems Settlement Alone Eclipses Current…
  • 05/20/16 Update Industry Update - Optical Components: Negative Report from OTR Slams the Optical Group (CIEN, FNSR, IPHI, LITE, OCLR)
  • 05/20/16 Update GSM ($8.62, Buy; $12.50 PT): Reports Combined Company Results For First Time; Publishing Initial Estimates For Post-Merger Enterprise; Lowering PT…
  • 05/20/16 Update JAKK ($7.11, Neutral; $8.25 PT): We Left Toy Showroom Tour With a Favorable Impression of 2H16 Growth Drivers, But the Consensus 3Q16E EBITDA Growth…
  • 05/20/16 Update EGHT ($11.74, Neutral; $9.75 PT): Reports $57MM Revenue/$0.03 Pro Forma EPS in Q4, Guides $249MM-$253MM Top Line in FY ’17, with $16MM-$20MM Pro…
  • 05/20/16 Update AMAT ($21.40, Buy; $27.00 PT): Four Pos AMAT Surprises Bring $2.0 EPS Into View. PT To $27.0, Upgrade Neutral To Buy
  • 05/20/16 Update SSI ($4.51, Neutral; $4.80 PT): Q1 Miss/FY16 Guide-Below; General Malaise Exacerbated by Oil Patch and Peso; Small e-Com Penetration and Intensifying…
  • 05/19/16 Update DKS ($41.01, Buy; $51.00 PT): 1Q16 Comp/EPS Slightly Better Than Expected; Evolving Sports Authority Situation Now a Bigger Near-Term Headwind, but…
  • 05/19/16 Update AEO ($13.39, Buy; $20.00 PT): Outstanding Q1; Stunning Comps in the Face of Brutal Environment; Slightly More Promotional, but GM up on Sourcing;…
  • 05/19/16 Update ADI ($55.82, Buy; $65.00 PT): Solid Quarter With Core Growth On Track, Consumer Rebounding In F2H16; PT To $65.0
  • 05/19/16 Morning Note B. Riley AM Note: ADI, AEO, BOOT, GSM, MRVL, ROVI
  • 05/19/16 Update BOOT ($5.70, Buy; $10.00 PT): 4Q16 Miss, and 1Q17/FY17 EPS Guidance Falls Short, but 1Q17-to-Date Comp is Positive and Comparisons Soon Become Much…
  • 05/18/16 Update LRCX ($73.14, Buy; $96.00 PT): Modest Drift In Planned KLAC Close But Finance Costs And Accretion Attractive. PT $96.0
  • 05/18/16 Morning Note B. Riley AM Note: AEO, EGHT, GSM, LRCX, MAMS, SMTC; Marine (BC, HZO, MBUU, MCFT, MPX), The Weiser Consumer (COTY, IPAR, NWL, PBH, PG, PRGO, RDEN)
  • 05/18/16 Update SMTC ($20.56, Buy; $31.00 PT): Beat + Raise Begins To Reveal Strong LT Growth Potential; Buy, PT Is $31.0
  • 05/18/16 Update Industry Update - Marine: April Boat Sales Up Fractionally, Holding YTD Trends Above Expectations; Peak Selling Season is Here as Nearly 50% of U.S.…
  • 05/18/16 Update MAMS ($6.29, Neutral; $6.00 PT): Reports In Line Q3 Results; Maintains FY ’16 Adj. EBITDA Guidance; Lowering Estimates and Price Target from $6.50…
  • 05/18/16 Update EGHT ($11.31, Neutral; $9.75 PT): Earnings Preview: Modeling Above-consensus $55MM Revenue/$0.03 Pro Forma EPS as EGHT Keeps Sights Set on Enterprise…
  • 05/17/16 Update AEO ($14.23, Buy; $20.00 PT): Earnings Preview: Cautious Near Term; Expect Light Q1 comps/margin, given the broader traffic environment; however,…
  • 05/17/16 Update Industry Update - The Weiser Consumer: Weekly Highlights (COTY, IPAR, NWL, PBH, PG, PRGO, RDEN, TIF, UN)
  • 05/17/16 Update LOV ($2.22, Buy; $3.50 PT): Q1 ’16 Disappoints; Expects Realignment of Resources and Spending to Produce 10% EBITDA margins in 2H ’16; Lowering…
  • 05/17/16 Update HIBB ($32.50, Neutral; $38.00 PT): Overall Retail Environment Prompts Us to be More Cautious on 1Q16, but We Remain Intrigued by the Opportunity for…
  • 05/17/16 Update DKS ($43.49, Buy; $51.00 PT): Overall Retail Environment Prompts Us to Be More Cautious on 1Q16, but there are Several Reasons to Believe that DKS…
  • 05/17/16 Update FL ($59.31, Neutrals; $71.00 PT): Athletic Footwear Cycle Remains Solid, Now being Driven by the Casual Athletic Segment, Which is Fine for FL, but…
  • 05/17/16 Update BOOT ($6.54, Buy; $10.00 PT): We’re Still Optimistic that BOOT’s Worst Comp Performance is Behind the Company, Especially as Comparisons Begin…
  • 05/17/16 Morning Note B. Riley AM Note: BOOT, DKS, FL, HIBB, LOV, OCLR, VSAT